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No rate rise, despite inflation…

•By Jody Fewster
  • Geopolitical tensions have only intensified over the last few weeks plus trade friction is also a concern between China, Europe and the US.
  • There has been a global market sell off with investors unsettled by rising interest rates in Japan and a weakening US economy as signalled by their rising unemployment rate (to 4.3%) and weak manufacturing data.  Some are saying the Magnificent Seven had the price adjustment they needed (-18%).
  • The RBA kept rates on hold at 4.35% while warning that we are potentially six months away from any cuts due to persistently high inflation. The Bank of England cut its rates last week, and the US is set to move next month. These countries will join Switzerland, Sweden, the European Union, and Canada, which were the first to cut their rates.
  • After the last tumultuous couple of days, our market has settled. As I type, the S&P/ASX 200 closed up at 7,699 (still way below the all-time high of 8,148 set on 1 August).
  • On the property front, Perth is close to its all-time high for a block of land, with the average price of a new block hitting $305,177 (the highest average since 2007). Interestingly, the average lot size in the June quarter of 2024 was 364 sqm, while in the December quarter of 2007, it was 527 sqm.
  • Listings of homes for sale in Perth are still 45% below the average for this time of year, so call me to see how you can take advantage of this fabulous Seller’s market.
by Jody Fewster
Please call 0414 688 988 if I can provide you with a current market appraisal and detailed marketing plan for your home or investment property. Please click here to read some of my testimonials.
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